Lab Assignment $-$ Chapter $1$Problem:Fred Jones started The Jones Company $("$Company$"),$ a new business that began operations on May $1.$TJC completed the following transactions during its first month of operations:May$1$Fred Jones invested $$30,000$ cash in his Company$\mathrm{.}3$The Company paid $$1,500$ cash for office equipment$\mathrm{.}8$The Company performed consulting services for a client and immediately collected $$12,000$ in cash$\mathrm{.}12$The Company performed consulting services for a client and immediately billed them $$6,000\mathrm{.}15$The Company paid $$1,000$ cash for an assistant's salary for the first half of May$\mathrm{.}20$The Company received a $$3,000$ cash payment for the services rendered on May $12\mathrm{.}22$The Company performed $$8,000$ in consulting services for a client and immediately billed them$\mathrm{.}24$The Company received a $$4,000$ cash payment for the services rendered on May $22\mathrm{.}26$The Company purchased $$4,000$ in office equipment on account$\mathrm{.}27$The Company paid $$1,000$ cash for an assistant's salary for the second half of May$\mathrm{.}28$The Company paid $$100$ cash for the May telephone bill$\mathrm{.}29$The Company paid $$400$ cash for the May utility bill$\mathrm{.}30$The Company paid $$2,000$ cash for the office equipment purchased on May $26\mathrm{.}31$Fred Jones withdrew $1,000$ cash from the Company for personal use.Required:$1$Complete the table on the $"$AE$"$ Tab.$$ Do not determine new balances after each transaction $-$ rather just final balances$\mathrm{.}2$Prepare the following financial statements:$$ Income Statement, Statement of Owner's Equity and Balance Sheet on the $"$FS$"$ tab.